SES AI Corporation (SES) Income Statement
SES 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSES revenue and net income
Where SES's revenue goes
2025Each bar shows an amount and its share of revenue. SES kept −347.8% of revenue as net income.
SES profit margins
SES growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +929.4% | — | — | +3.1% |
| Gross profit | +777.9% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SES quarterly EPS vs estimates
SES AI beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.04).
SES income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.0M | $2.0M | $0 | $0 | $0 | $0 | $0 | $1.5M | $151,000 | $650,000 |
| Cost of revenue | $9.7M | $752,000 | $5.5M | $2.6M | $1.7M | — | — | $413,000 | $142,000 | $211,000 |
| Gross profit | $11.3M | $1.3M | −$5.5M | −$2.6M | −$1.7M | — | — | $1.1M | $9,000 | $439,000 |
| Research & development | $67.0M | $72.1M | $30.7M | $28.0M | $15.5M | $9.4M | $10.5M | — | — | — |
| Sales, general & admin | $26.9M | $38.4M | $47.5M | $51.6M | $16.5M | $4.5M | $4.8M | $7.7M | $10.3M | $11.5M |
| Total operating expenses | $93.9M | $110.5M | $78.2M | $79.6M | $32.0M | $13.9M | $15.3M | $9.6M | $28.1M | $20.4M |
| Operating income | −$82.6M | −$109.2M | −$78.2M | −$79.6M | −$32.0M | −$13.9M | −$15.3M | −$8.9M | −$26.9M | −$22.6M |
| Interest income | $9.3M | $15.0M | $16.7M | $6.2M | $3.1M | $76,000 | $684,000 | — | — | — |
| Interest expense | — | — | — | $29.8M | $1.6M | $21,000 | $696,000 | $869,000 | $400,000 | $439,000 |
| Income before taxes | −$72.8M | −$100.0M | −$54.3M | −$49.7M | −$31.2M | −$13.9M | −$14.6M | −$9.7M | −$28.5M | −$20.4M |
| Income taxes | $231,000 | $188,000 | −$853,000 | $1.3M | $25,000 | $7,000 | $108,000 | −$129,000 | −$400,000 | $439,000 |
| Net income | −$73.0M | −$100.2M | −$53.4M | −$51.0M | −$31.3M | −$13.9M | −$14.7M | −$9.6M | −$28.1M | −$20.8M |
| EBITDA | −$62.5M | −$91.7M | −$48.7M | −$47.1M | −$29.6M | −$12.2M | −$14.4M | −$8.8M | −$26.9M | −$21.8M |
| EPS (diluted) | −$0.21 | −$0.31 | −$0.16 | −$0.20 | −$0.31 | −$19.47 | −$9.49 | −$6.97 | −$20.50 | −$15.33 |
| Gross margin | 53.8% | 63.1% | — | — | — | — | — | 72.6% | 6.0% | 67.5% |
| Operating margin | −393.4% | −5,355.3% | — | — | — | — | — | −588.2% | −17,829.8% | −3,482.0% |
| Net margin | −347.8% | −4,911.0% | — | — | — | — | — | −637.4% | −18,596.0% | −3,206.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.1M | $6.7M | $4.6M | $7.1M | $3.5M | $5.8M | $2.0M | $0 | $0 | $0 | $7.9M | $0 |
| Cost of revenue | $3.9M | $5.5M | $4.0M | $3.5M | $927,000 | $1.2M | −$5.1M | $2.2M | $1.9M | $1.7M | $1.6M | $1.6M |
| Gross profit | $1.1M | $1.2M | $514,000 | $3.6M | $2.6M | $4.6M | $2.0M | −$2.2M | −$1.9M | −$1.7M | −$1.6M | −$1.6M |
| Research & development | $11.4M | $11.0M | $11.8M | $15.6M | $19.1M | $20.5M | $20.9M | $24.4M | $15.1M | $11.8M | $7.4M | $8.5M |
| Sales, general & admin | $9.0M | $8.1M | $6.4M | $6.7M | $6.5M | $7.3M | $9.5M | $9.8M | $9.6M | $9.5M | $10.6M | $10.9M |
| Total operating expenses | $20.3M | $19.1M | $18.2M | $22.3M | $25.6M | $27.8M | $31.2M | $34.2M | $22.7M | $19.6M | $17.9M | $19.4M |
| Operating income | −$19.2M | −$17.9M | −$17.7M | −$18.6M | −$23.0M | −$23.3M | −$29.1M | −$34.2M | −$24.6M | −$21.3M | −$17.9M | −$19.4M |
| Interest income | $1.5M | $1.7M | $2.0M | $2.3M | $2.4M | $2.7M | $3.2M | $3.7M | $4.0M | $4.2M | $4.2M | $4.2M |
| Interest expense | — | — | — | — | — | — | $15.0M | — | — | — | $6.1M | — |
| Income before taxes | −$17.8M | −$11.7M | −$17.4M | −$21.0M | −$22.0M | −$12.4M | −$34.8M | −$30.0M | −$19.8M | −$15.4M | −$12.3M | −$13.3M |
| Income taxes | $132,000 | $414,000 | −$333,000 | −$108,000 | $668,000 | $4,000 | −$243,000 | $138,000 | $96,000 | $197,000 | −$1.5M | $208,000 |
| Net income | −$17.9M | −$12.1M | −$17.0M | −$20.9M | −$22.7M | −$12.4M | −$34.5M | −$30.2M | −$19.9M | −$15.6M | −$10.8M | −$13.5M |
| EBITDA | −$15.1M | −$9.0M | −$14.7M | −$18.4M | −$19.5M | −$9.9M | −$32.4M | −$27.8M | −$17.9M | −$13.6M | −$10.7M | −$11.7M |
| EPS (diluted) | −$0.04 | −$0.03 | −$0.04 | −$0.06 | −$0.07 | −$0.04 | −$0.11 | −$0.09 | −$0.06 | −$0.05 | −$0.03 | −$0.04 |
| Gross margin | 22.6% | 18.1% | 11.3% | 51.1% | 73.7% | 78.7% | 100.0% | — | — | — | −20.5% | — |
| Operating margin | −378.5% | −266.3% | −387.7% | −262.0% | −652.3% | −401.7% | −1,428.1% | — | — | — | −228.1% | — |
| Net margin | −353.0% | −180.3% | −373.5% | −293.9% | −642.2% | −214.6% | −1,693.4% | — | — | — | −136.9% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SES's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SES financial results
In fiscal year 2025 (ended December 31, 2025), SES AI reported revenue of $21.0 million, up 929.4% from the year before. It had a net loss of $73.0 million, a net profit margin of −347.8%. Diluted earnings per share came to −$0.21.
See the SES stock overview for the latest quote and news, or the SES chart for price history and technical indicators.
SES income statement FAQ
What is SES AI's annual revenue?
SES AI reported total revenue of $21.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 929.4% from $2.0 million the previous year.
Is SES AI profitable?
No. SES AI reported a net loss of $73.0 million in fiscal 2025, a net profit margin of −347.8%; its operating margin was −393.4%.
What is SES AI's gross margin?
SES AI's gross margin was 53.8% in fiscal 2025: for every $100 of revenue, SES AI kept $54 after the direct cost of its products and services.
How much does SES AI spend on research and development?
SES AI spent $67.0 million on research and development in fiscal 2025, 319.3% of revenue.
What are SES AI's earnings per share?
SES AI earned $-0.21 per diluted share in fiscal 2025, compared with $-0.31 a year earlier.
When will SES AI report its next earnings?
SES AI is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does SES AI's fiscal year end?
SES AI's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.